Business

Starafrica eyes profitability 2 July 2018 HARARE - Struggling sugar producer Starafricacorporation (Starafrica) is eyeing a return to profitability in the near future after reducing its losses by more $2 million. The group’s chairperson Joel Mutizwa said given the positive macro-economic outlook anticipated in the post-election era, t...
Falgold narrows loss 2 July 2018 HARARE - Zimbabwe Stock Exchange-listed gold producer, Falcon Gold (Falgold), has narrowed its losses to $1,68 million in the half year to March 31, 2018 compared to $2,4 million in the same period last year. However, the gold miner remains concerned over the current high tax regime that has l...
Econet Vic Falls Marathon set to boost tourism, economy 2 July 2018 HARARE - The Econet Victoria Falls Marathon is not just about sport, health and fitness. But it has everything to do with other sectors of the economy that benefit from the annual event. Indeed, Victoria Falls town and all the travel and tourism activities surrounding it always come alive when...
Econet Vic Falls Marathon set to boost tourism, economy 1 July 2018 HARARE - The Econet Victoria Falls Marathon is not just about sport, health and fitness. But it has everything to do with other sectors of the economy that benefit from the annual event. Indeed, Victoria Falls town and all the travel and tourism activities surrounding it always come alive when...
Chinese firm Anjin loses Chiadzwa court battle 30 June 2018 HARARE - Chinese firm Anjin Investments (Private) Limited (Anjin) has lost a Constitutional Court application in which it sought the nullification of a 2016 government directive expelling it from the diamond-rich Chiadzwa fields. This comes after Anjin filed the application, seeking the direct...
Comesa calls for women empowerment 30 June 2018 HARARE - The Common Markets for Eastern and Southern Africa (Comesa) says there is need for Zimbabwe to implement policies that empower women. The regional bloc’s director for gender and social services Beatrice Hamusonde this week said the recent launch of the long-awaited Women Microfinance ...
Fastjet on verge of collapse 29 June 2018 HARARE - Struggling low cost carrier Fastjet, which operates 92 flights per week in Zimbabwe, is on the verge of collapse and has sent an SOS for new funding from its major shareholders in a last ditch effort to save the company. This comes as the African budget airline's shares tumbled by 70 ...
PPC Zim demands land back 28 June 2018 HARARE - Original owner of Arlington Estate, Portland Holdings (Private) Limited, now PPC Zimbabwe, has written a letter to the Local Government ministry demanding a reversal of the acquisition of the property, which had been allocated to several residents. The residents have since been elbowe...
Construction firms, workers clash 27 June 2018 HARARE - Construction firms are on a collision course with workers, who are threatening to strike and take legal action over a wage hike. The workers accuse the employers of reneging on an agreement reached in March this year to increase salaries by three percent. On March 27, the Zimbabwe ...
Old Mutual lists in Zim 27 June 2018 HARARE - Old Mutual Limited shares were yesterday listed on the Johannesburg Stock Exchange (JSE) with a secondary listing on the Zimbabwe Stock Exchange (ZSE), Nairobi Securities Exchange (NSX) and the Malawi Stock Exchange (MSE) The listing replaces the listing of Old Mutual plc which has be...
Tongaat records $17m profit 27 June 2018 HARARE - Zimbabwe's largest sugar producer, Tongaat Hulett (Tongaat), reported a 27 percent jump in operating profit in the year to March 31, 2018 from $13,4 million to $17 million buoyed by continued growth on the local market. The sugar producer’s company secretary Bigboy Shava yesterday sai...
Old Mutual liberalises B class shares 25 June 2018 HARARE - Insurance giant Old Mutual Zimbabwe has liberalised its B Class shares that were previously open to trading among locals as part of the company’s indigenisation plan. In 2011, Old Mutual surrendered 25 percent of its issued shares to indigenous investors as a way of complying with Zim...
Buyanga's AMG buys Pagliari for R100 million 21 June 2018 HARARE - Businessman  Frank Buyanga's African Medallion Group (AMG) has just closed a Rand 100 million acquisition of Pagliari Group (Pagliari), a former subsidiary of Rand Refinery (RF) and supplier of high-quality gold products. The development also comes as the South African-based company h...
SOUTHERN NEWS | Poll surveys dubious, say Mujuru coalition 20 June 2018 BULAWAYO - People's Rainbow Coalition (PRC) has dismissed the recent poll surveys which have literally thrown them out of the election race, in the process concluding it to be a two-horse race pitting the MDC Alliance and Zanu PF. Zimbabwe's Mass Public Opinion Institute (MPOI), in partnership...
FlyAfrica suspended 20 June 2018 HARARE - Budget airline FlyAfrica Zimbabwe (FlyAfrica) has grounded its fleet to facilitate recertification after the Civil Aviation Authority of Zimbabwe (Caaz) suspended its operator’s certificate. Last week, Caaz suspended FlyAfrica’s Air Operator’s Certificate before coming into agreement ...
Zimra auctions confiscated goods 19 June 2018 HARARE - The Zimbabwe Revenue Authority (Zimra) is set to auction confiscated goods and those seized for flouting various customs regulations, with the proceeds set to go towards the fiscus. This comes after the Authority’s commissioner general Faith Mazani ordered rummage sales to be held bet...
Ghana investors eye Zim 19 June 2018 HARARE - Several Ghanaian investors are expected in Zimbabwe this month to explore investment opportunities. Ghana is likely to have one of the world’s fastest-growing economies this year, according to the World Bank, the African Development Bank, the International Monetary Fund and the Brooki...
Alex Forbes extends footprint to Zim 18 June 2018 HARARE - South Africa’s Alexander Forbes Group Holdings on Friday said its acquisition of a significant stake in African Artcurial Consultants (AAC) has received all the necessary relevant regulatory approvals. Andrew Darfoor, Alexander Forbes group chief executive, said AAC gives the speciali...
Pepsi boss bemoans forex shortages 14 June 2018 HARARE - Zimbabwe needs to fix its foreign exchange shortage if it is to attract more investment, RJ Corporation chairperson Ravi Jaipuria said. RJ Corporation owns Varun Beverages which in turn holds the PepsiCo licence in Zimbabwe. He told journalists that while his group was not in a hur...
Ex-Delta workers picket firm's HQ 14 June 2018 HARARE - Former Delta Corporation Limited (Delta) workers have picketed the company’s headquarters demanding pension payouts. Delta said it has no responsibility to pay pension payouts to its rioting former employees since its pension scheme had a different administrator. The company also s...
Employers abusing PAYE 12 June 2018 HARARE - In the face of a declining economy, local companies are diverting workers' employment tax (PAYE) due to the Zimbabwe Revenue Authority (Zimra) and converting it to support their own cash-flows and overhead expenses, it has emerged. Companies, by virtue of the law, act as agents and ar...
Powerspeed PAT surges 12 June 2018 HARARE - Zimbabwe Stock Exchange-listed Powerspeed Electrical Limited (Powerspeed) profit after tax for the half year to March 31, 2018 surged to $2 million from $581 000 prior comparable period buoyed by an increase in throughput. The group said its turnover, at $37,2 million, was 55,3 percen...
SeedCo contends with production shortfall 12 June 2018 HARARE - SeedCo says it is occupied with dealing with product shortfalls which have negatively impacted on the seed company. The Zimbabwe Stock Exchange listed pan-African company’s chief executive officer Morgan Nzwere said the company is working hard to fix its product shortfall issues whi...
ED calls for increased use of plastic money 11 June 2018 HARARE - President Emmerson Mnangagwa yesterday acknowledged the worsening cash crisis and encouraged increased use of plastic money. Addressing mourners during the burial of the late national hero John Chimbandi at the National Heroes Acre, Mnangagwa — hoping to retain power in the first vote...
Econet completes HQ solar installation 10 June 2018 HARARE - Econet Wireless Zimbabwe (EWZ), the country’s largest telecom and technology company, has completed the installation of a solar power system at its head office in Msasa, Harare. The 99.9KW solar system, which was installed by Distributed Power Africa (DPA), a pan-African renewable ene...